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CT sey Fe OP CONFIDENTIAL, BMIMAR 2012/ENT3O0/ETR300 UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION COURSE : FUNDAMENTALS OF ENTREPRENEURSHIP | COURSE CODE : ENT300/ETR300 EXAMINATION : MARCH 2012 TIME 3 HOURS ANSWER SCHEME Prepared by : Noor Faizah Mohd Lajin Mohammed Hardy Loh Abd Rahim MASMED, UiTM Shah Alam © Hak Cipta Universit Teknologl MARA CONFIDENTIAL (20 MARKS) 1 T 7 . 4. ua 5. T © if. Ti 8 OT 9. T 10. F PART B (40 MARKS) 11. 12, 13. 14, 15, 16. 7, 18, 19. 20. N@geone 2000000 2m 4 12, 13 16. 7, 18, 19, 20. >uoryomarmoo Aa aman aan (© Hak Cipta Universit Teknologi MARA (20 x 1 mark = 20 marks) (20 x 2 marks = 40 marks) CONFIDENTIAL, PART C (20 marks) QUESTION 4 Describe any two common methods of starting a new venture. (5 marks) Answer : 1. Starting from scratoh 1° * The most popular method > + Entrepreneur has to make decisions on appropriate form of business, trade name, image, location, funding and business plan. 2. Buying an existing business + Entrepreneurs start a new venture by taking over an existing business either buying the whole business or partial shares in the existing business. 3. Family business succession * Entrepreneurs is the successor of the business which was started by the earlier family members (predecessors) + Entrepreneurs did not face the difficulties of starting-up a new venture 4. Acquiring a franchise + A franchise is a product and/or service distribution system which is governed by a contract The franchisor is a company which sells the right to another party + The franchisee is a person who purchase the right form the franchisor (Any 2 points x 2" marks = § marks) QUESTION 2 Define distribution strategy. List four (4) factors to consider when determining distribution strategy. (5 marks) Answer * Distribution strategy refers to the decision made on the location or the channel of distribution. (1 marks) + Four (4) factors in distribution strategy + Type of product + Target market + Market coverage + Transportation ease + Produot standardization is Any 4 polrits x1 mark = 4 marks © Hak Cipla Universiti Teknotog! MARA CONFIDENTIAL QUESTION 3 Briefly explain any two (2) of the promotion strategy, Answer Promotion strategy include 1. Advertising | C Paid, non personal sales effort through a medium fo influence a large number of consumers 2. Sales Promotion Promotional activities or incentives carried out or offered within a set time frame to influence purchase 3. Personal Selling Personal Sales presentation conducted by a trained sales person to influence potential consumers. Often used for product/service that require demonstration or explanation 4 Pobtoty t Efforts taken to develop and maintain good relationship with the public to ensure good favorable publics image of the business. {Any 2 points x 2" marks = 5 marks) QUESTION 4 Distinguish between business hours and operation hours. Provide example (5 marks) Answer + Business hours refer to the time the business is open to the customers. (2 marks) + Operation hours refer to the hours the workers haye,to work. (2 marks) + Example - Bank (1 marks) + Working hours: 8,00am — 5.00pm , Business hours 9.00am ~ 3.00pm QUESTION & Define management. Briefly explain by using the four (4) functions of management on how entrepreneur can used those function in managing their business. (5 marks) Answer Management (1 mark) * According to Mary Parker Folletit is “the art of getting things done through people’. ot + A process of planning all the resources efficiently, organized: the resources effectively, leading then controlling the resources. ‘© Hak Cipta Universi Teknolog! MARA ’ CONFIDENTIAL R 0 L © Four (4) functions of management + Planning involved goal setting and defining the action those need to be taken in order to achieve goals. (1 mark) + Organizing involves determining what task to be done, who will do them and how those task will be managed and coordinated, (1 mark) + Managers must be also capable of Jeading their subordinates to work together to hieve-th at Js-(-mark) — 7 + Controlling is to identify between planned and actual result, whether the organization is performing as what had been planned, (1mark) PART D (20 marks) QUESTION 4 Discuss any one of the most common forms of business entities in Malaysia by looking at § advantages and 5 disadvantages. (20 marks) Answer The most common forms of business entities registered by small and medium enterprises (SMEs) are: a, Sole Proprietorship b. Partnership ¢. Private Limited Company Sole Proprietorship + Formed under the Business Act 1956 (Amendment 1978). + This form of business structure is solely owned by one person, where management resis on that person whose liability is unlimited. + Assole proprietorship is the simplest business structure. + As for the name of the business, the name of the owner or any other name may be used. + Typically, a sole proprietorship business requires a small amount of capital to start with, compared with other forms of business entities (4 marks) © Hak Cipta Univereiti Teknologi MARA CONFIDENTIAL Advantages of Sole Proprietorship 1. Easy to manage because the owner or proprietor can make decisions by himself 2. The owner enjoys a certain degree of flexibility since as a sole owner he can react quickly and positively regarding necessary changes in the business. -$.---Easy-to-form-and dissolve wilt minimum formalities ————— 4. As nobody shares the rewards of the business, all profits will go to the owner. 5. Not subjected much to government rules and regulations. For instance, the yearly financial statement that needs to be submitted to the Inland Revenue Board does not require validation by a qualified auditor. 6. The owner pays income tax based on his tolal individual income (8 marks) Disadvantages of Sole Proprietorship 1, Limited source of capital that could limit the business activity. 2. The liabitity of the business is unlimited. if the business incurs debts for which the business assets are not sufficient to cover, the owner must be prepared to settle the debt with his personal assets. 3. The future development of the business is limited and depends on the management ‘capability of the owner and the condition of his health. 4, The owner is solely responsible for carrying out all the tasks, therefore, a lot of time and effort needs to be spent in managing the business. 5. The life span of the business depends upon the age of the owner and how efficiently he manages the business. In addition, the business will be dissolved if the owner passes away. If someone wishes to continue the business, it will have to be re-registered, (8 marks) Total: (4 marks + 8 marks +8 marks) = 20 marks Partnership + A partnership is a legal business entity with two or more partners, + In this form of business, a person forms a partnership with one or more persons to carry outa business with a view to making profits. + A partnership business is also incorporated under the Business Registration Act 1956 (Amendment 1978). + Apartnership is carried out by more than one person but not exceeding 20 persons. Ina Partnership, partners agree to undertake a joint business and jointly own the business. © Hak Cipta Universi Teknologl MARA 7 CONFIDENTIAL + Professional businesses (legal fms, architect and accounting fims the members could number up to 50 persons). + In this form of business entity, partners carry out the business, share the capital, profits and losses. (4 marks) Advantages Of Partnership Easy fo set up with few formaites. tance from financial institutions compared with sole 2. Easier to secure financial a: proprietorship. 3. Equity can be increased through enlisting additional partners. 4, Business risks can be reduced and distributed among partners. In case of losses, each Partner will share the burden. 5. The responsibility of managirig and handling the business can be divided equally among partners. 6. Alot of ideas, talents and skills can be pooled together for better management. 7. As ina sole proprietorship business, income tax is not imposed on the partnership itself but on the owners as individuals. (8 marks) Disadvantages Of Partnership 1. Business liabilities are unlimited, which may involve personal assets of all partners of the company 2. The life span of the partnership business depends on the life span of the partners. If any of the partners passes away or is declared a bankrupt, the business is automatically dissolved, unless there is an agreement otherwise. 3. If no Letter of Agreement is being made, unethical or misconduct behaviour may happen. 4. Risk of personal clashes among partners (8 marks) Total: (4 marks + 8 marks + 8 marks) = 20 marks (© Hak Cipta Universit! Teknologi MARA = CONFIDENTIAL, Private Limited Company + A private limited company is one of the business entities set up under the Companies Act 1965. + Right and Responsibility + company has-a specific tight and-responsibilty-itcan acquire assets under its-owtr name. A company can also take legal action and face legal action under its own name. + Life Span + The life span of a company is not dependent upon the death or resignation of its members. A company can be dissolved when its members are no longer interested in continuing the business. + Liabilities + The liabilities of the members in a company are limited to the total shares contributed to the company’s capital. Personal assets are not affected regardless of what happens to the company. + Membership + Accompany must have at least two members who are of Malaysian nationality. These two members can act as a director and founder of the company. The members of the company will appoint the Board of Directors who will manage and run the business operation subject to the Companies Act 1965. (4 marks) Advantages Of Private Limited Company 1. Funds are easy to acquire through the exchange of share ownership of loan from a financial institution. All shareholders are legally protected by law. 3, Shareholders are not burdened with the management of the business because the responsibility to manage and run the business is held by the Board of Directors, who are appointed by the company’s shareholders, 4. The liabilities of the company's members are limited to the capital that they contribute to the company. Shareholders’ personal assets are not affected. 5. The life span of the business is not dependent upon the age or resignation of its members. oir thas greater potential for expansion. 8 7. Legally, the company is one business entity by itself (8 marks) (© Hak Cipta Universit Teknologi MARA, ~ CONFIDENTIAL ivantages Of Private Limited Company 1A Private Limited Company is subject to more rules and regulations compared with a Sole Proprietorship or Partnership. A company must always abide by the rules and fulfill the terms set by the Companies Commission of Malaysia 2. The company’s shares cannot be transacted through the share market, -3.__The company. must pay.corporate tax, : ae 4. The qualified Auditors must audit the company's yearly financial statement and the statement must be complete and regulary updated, 8. The financial affairs of the company must be made transparent to the general 6. The cost of setting up a company is high (8 marks) Total: (4 marks + 8 marks +8 marks) = 20 marks Any one business entities (Characteristics 4 marks + Advantages 8 marks + Disadvantages 8 marks = 20 marks) QUESTION 2 Define motivation and entrepreneurial motivation. Discuss entrepreneurial motivation according to McClelland’s Need Theory. (20 marks) Answer Motivation is defined as a drive that cause a person to take some goal oriented action. (2.6 marks) Entrepreneurial Motivation is the willingness of an entrepreneur to sustain his or her entrepreneurial behavior. (2.5 marks) Motivation as outlined by McClelland are : The need for achievement (n Ach) + Achievement motive - drive to do well, strive for excellence and overcome challenges and obstacles in the pursuit of goal + High need for achievement (high n Ach) has been identified as the critical motive that influence for most of venture creation and entrepreneurship + Individual with high need for achievernent found in most good business founder + Need for achievement also known as urge fo improve . ( marks) © Hak Cipta Universit Teknologi MARA CONFIDENTIAL, The need for Power (n Pow) + Power motive - drive to control, influence and to have impact on others and change the situations + Individual with High need for power (high n Pow) normally seek position of leadership + They potentially to be good managers, executive or supervisors. (5 marks) The need for affiliation (n Aff) + Affiliation motive - drive to establish, maintain or renew affective relationship with others + Allthree motives may exist together in a person + But one usually more dominant than the other motives for most of the individual's actions + High need for affiliation (n Aff) has mostly been associated with individual whose desire: in life is to establish, maintain or renew affective relationship with others + They potentially to be good social workers + As an entrepreneur the need for affiliation to certain extent may contribute fo the drive for maintaining effective business networking (5 marks) Total: (5 marks + § marks +5 marks + 5 marks) = 20 marks ‘© Hak Cipta Universiti Teknolog! MARA ‘CONFIDENTIAL

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